BingX, the Singapore-based crypto exchange, is grappling with a significant security breach.
BingX detected unusual activity around 4:00 AM Singapore time, triggering an emergency response to mitigate potential damages.
Chief Product Officer Vivien Lin revealed that the exchange’s technical team acted quickly to transfer assets and suspend withdrawals in the wake of a suspected hack on one of their hot wallets.
Initially described as a “minor asset loss,” reports soon painted a more alarming picture. Blockchain security firm PeckShield identified a suspicious outflow of over $13.5 million, later adjusting this figure to $26.7 million.
Similarly, analytics platform Lookonchain estimated the total losses to be north of $26 million.
To prevent further damage, BingX halted all withdrawals for an emergency inspection and security upgrade. Lin assured that only a minimal amount of crypto was stored in the compromised hot wallet, adding that any losses would not impact business operations. Withdrawals are expected to resume within 24 hours at the latest.
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In the aftermath, BingX issued a public statement clarifying that the wallet system was undergoing temporary maintenance, a claim met with criticism by industry insiders.
Harrison Leggio, co-founder of g8keep, questioned whether the issue was genuinely maintenance or if the exchange was trying to downplay the severity of the attack.
PeckShield’s EtherScan data reveals that millions of dollars worth of tokens were drained from BingX’s hot wallet labeled “BingX 15” and funneled through multiple blockchains. At the time of writing, the wallet still holds around $9.5 million—down from a previous $13.1 million. Hackers reportedly used decentralized exchange Kyberswap to move smaller sums in an attempt to obfuscate the stolen funds’ trail.
Despite the breach, BingX’s swift response and promise of full compensation suggest the exchange is determined to safeguard user trust.
